BBVA Compass, the U.S. subsidiary of the global financial services group BBVA, now offers near instantaneous decisioning and potential same day funding for both customers and non-customers with the footprint wide(1) opening of the fully digital BBVA Compass Express Personal Loan.

With the Express Personal Loan, customers and prospects can consolidate debt or fund large purchases with a low-interest personal loan that provides near instantaneous decisioning. Applicants with a BBVA Compass checking account can get same day funding upon loan approval. The loan, which represents months of effort across the entirety of the bank, underscores BBVA Compass’ drive to digital transformation and achieving excellence in customer experience.

“There is a clear demand on the part of consumers for personal loans,” said Executive Director of Consumer Lending Shayan Khwaja. “This demand represents an opportunity for banks – which hold customer relationships, have the needed funding and boast a physical network – to demonstrate their own digital prowess and ability to serve the customer. Frankly, it’s an opportunity tailor made for a digitally-driven institution, like BBVA Compass.”

For many people, a new year brings new resolve to set finances on firm footing, and for some, a consumer loan like the BBVA Compass Express Personal Loan may be the ticket to consolidating debt and lowering high interest rates.

According to TransUnion’s “Fact versus Fiction: FinTech Lenders” study, fintechs owned a 32 percent share of originated personal loan balances through June 2017, compared to 29 percent for banks, 24 percent for credit unions and 15 percent for traditional finance. While banks’ share in 2017 represents a three percent increase from 2016, it’s a six percent decline from 2012 when banks boasted 35 percent of originations and fintechs came in at just four percent.

“Post-recession, fintechs were clearly ready to meet increasing customer demand for personal loans, while banks took more time to find their footing,” Khwaja said. “But BBVA and BBVA Compass have been building our global digital capabilities and are now in a position of strength with a strong digital foundation, and years of partnering with and investing in fintechs that has provided a solid understanding of how to achieve excellent customer experiences.”

BBVA and BBVA Compass have been building our global digital capabilities and are now in a position of strength”

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When opened online, Express Personal Loan is an unsecured loan ranging from $2,000 to $35,000. Those applying in a branch can receive up to $100,000. For eligible applicants, only a signature is needed, and customers who have their loan payments auto-debited from a BBVA Compass consumer checking account can receive a one percent interest rate discount. BBVA Compass also offers a service which soft-pulls interested consumers’ credit for pre-qualification purposes giving them the ability to check their rate and see potential loan offers without affecting their credit score.

In addition to the online application, interested consumers can apply for and digitally obtain the Express Personal Loan by using a mobile device.

“We’ve had this product for some time, but wanted to be sure we launched the digital version right from the customer’s perspective, so we took our time before opening it to the general public,” Khwaja said. “Now, we are ready for any consumer – customer or not – located across our footprint(1) to apply for the Express Personal Loan digitally, either online at BBVACompass.com or by using a mobile device.”

Rates are set based on credit eligibility, loan amount, term length, and other factors. An Interest Surcharge, based on loan amount, is payable at closing and will be withheld from loan proceeds. All loans subject to eligibility, underwriting, and approval, including credit approval.

Consumer lending provides financing for personal, family, or household purposes. The loans can come from a variety of places, including financial institutions or lending platforms, like the aforementioned Prosper and Lending Club.

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